
\begin{table}[h!]
\caption{Direct Democracy and Government Spending without Neuchatel after 1970}
\begin{center}
\scalebox{0.8}{
\begin{tabular}{l D{.}{.}{3.5} D{.}{.}{3.7} D{.}{.}{3.7} D{.}{.}{3.5}}
\toprule
 & \multicolumn{1}{c}{Model 1} & \multicolumn{1}{c}{Model 2} & \multicolumn{1}{c}{Model 3} & \multicolumn{1}{c}{Model 4} \\
\midrule
Number Parties              & 0.08^{**}   & 0.04         & 0.05^{*}     & 0.07^{**}   \\
                            & (0.02)      & (0.02)       & (0.02)       & (0.03)      \\
Initiatives                 & 0.04^{*}    & 0.02         & 0.02         & 0.05^{*}    \\
                            & (0.02)      & (0.01)       & (0.01)       & (0.02)      \\
Financial Ref. (Threshold)  & 0.22^{*}    & 0.23^{*}     & 0.30         & 0.29        \\
                            & (0.11)      & (0.11)       & (0.21)       & (0.24)      \\
Without Financial Ref.      & -0.03       & -0.02        & -0.03        & -0.03       \\
                            & (0.03)      & (0.03)       & (0.03)       & (0.03)      \\
Law Ref.                    & 0.01        & 0.00         & 0.01         & -0.01       \\
                            & (0.01)      & (0.02)       & (0.01)       & (0.02)      \\
Lag Dep. Var.               & -0.30^{***} & -0.30^{***}  & -0.30^{***}  & -0.30^{***} \\
                            & (0.05)      & (0.04)       & (0.04)       & (0.05)      \\
Share First Sector          & -0.37       & -0.36        & -0.36        & -0.37       \\
                            & (0.25)      & (0.25)       & (0.24)       & (0.25)      \\
Share Second Sector         & -0.20       & -0.15        & -0.13        & -0.22       \\
                            & (0.30)      & (0.31)       & (0.30)       & (0.31)      \\
Dependency Ration           & 0.95^{*}    & 0.98^{\cdot} & 0.96^{\cdot} & 1.02^{*}    \\
                            & (0.48)      & (0.51)       & (0.50)       & (0.46)      \\
Infant Mort.                & -0.26       & -0.26        & -0.26        & -0.28       \\
                            & (0.53)      & (0.52)       & (0.52)       & (0.55)      \\
Share Left Parties          & -0.09       & -0.11        & -0.11        & -0.08       \\
                            & (0.08)      & (0.08)       & (0.08)       & (0.08)      \\
Proportional Representation & -0.08^{**}  & -0.07^{**}   & -0.07^{**}   & -0.08^{**}  \\
                            & (0.03)      & (0.03)       & (0.03)       & (0.03)      \\
Physician Density           & -0.10^{*}   & -0.10^{*}    & -0.10^{*}    & -0.10^{*}   \\
                            & (0.04)      & (0.04)       & (0.04)       & (0.04)      \\
ln Population Size          & 0.04        & 0.03         & 0.04         & 0.04        \\
                            & (0.06)      & (0.05)       & (0.05)       & (0.06)      \\
ln Federal Subsidies        & 0.03^{*}    & 0.03^{*}     & 0.03^{*}     & 0.03^{*}    \\
                            & (0.01)      & (0.01)       & (0.01)       & (0.01)      \\
Num. Par. * Init.           & -0.01^{*}   &              &              & -0.01^{**}  \\
                            & (0.00)      &              &              & (0.00)      \\
Num. Par. * Law Ref.        &             & 0.00         &              & 0.01        \\
                            &             & (0.01)       &              & (0.01)      \\
Num. Par. * Fin. Ref.       &             &              & -0.03        & -0.03       \\
                            &             &              & (0.08)       & (0.08)      \\
\midrule
R$^2$                       & 0.52        & 0.52         & 0.52         & 0.52        \\
Adj. R$^2$                  & 0.46        & 0.46         & 0.46         & 0.46        \\
Num. obs.                   & 619         & 619          & 619          & 619         \\
\bottomrule
\multicolumn{5}{l}{\scriptsize{$^{***}p<0.001$; $^{**}p<0.01$; $^{*}p<0.05$; $^{\cdot}p<0.1$}}
\end{tabular}
}
\label{est4}
\end{center}
\end{table}
